Peter Ryan":1k33xwpy said:Tim Chown":1k33xwpy said:As Gareth has said, of course the opportunity for the Trust to own a stake in the club is exciting but, and there is a but, we have to determine the terms on which the offer is being made.
At one end of the scale James Brent offers the Trust a 20% stake for £1, with, for example, a seat on the board and full powers of scrutiny.
On the other, he offers the 20% stake for £1,000,000 with no benefits beyond the stake.
Somewhere in the middle there's a mutually beneficial deal that the Trust membership would be happy to back. Obviously that's what we'll be trying to find, starting with the first formal meeting which we're trying to arrange as soon as possible.
I am not questionning that the Society Board should investigate the details, get independent advice and negotiate as deemed necessary. So both Tim and Gareth are responding to points I have not made.
Since this is the case, let me restate what I am saying.
1 - It is a key Objective of the Society Board (in summary) to gain a part of the shareholding of the club.
2 - The current owner has offered the Trust the opportunity to buy 20%.
3 - The Society Board should react politely, warmly, enthusiastically to the offer and engage fully, positively, rapidly and professionally with it.
That is all I ask. But the available eveidence apears to be that the Society Board has not yet done this (3 above). All I am asking I that this changes.
So, please don't be defensive and please do what your Objectives require you to do.
Thanks, Peter.
Peter, quite happy as always to answer questions from Trust members.
Of course we welcome the option to buy into the club however preferential shares (as we have been offered) are not the same as ordinary share.
I have had no more than an informal chat with James Brent. We have asked (along with other financial questions) for a meeting between himself and the Trust board to put some formal "meat on the bones". Until such time that he answers our request there is no concrete information to give.
So in answer to your 3 points.
1) We are aware of that and as you know it will be up to the members to decide when we and they have all of the facts.
2) We are attempting to engage with James and thank him for his offer.
3) We are and we have asked for a meeting. As of yet we do not have a reply and until we do we cannot progress.
Maybe we are being defensive however with a decision of this magnitude it would be churlish to jump in without first knowing what the offer entails and secondly not gaining expert advice.
Woz